Suppose Garageband.com has a 28 percent cost of equity capital and a 10 percent beforetax cost of debt capital. The firm’s debt-to-equity ratio is 1.0. Garageband is interested in investing in a telecomm project that will cost \($1,000,000\) and will provide \($600,000\) pretax annual earnings for 5 years. Given the project is an extension of its core business, the project risk is similar to the overall risk of the firm. What is the net present value of this project if Garageband’s tax rate is 35%?